Saudi Arabia may raise April crude prices to Asia to all-time highs
Top oil exporter Saudi Arabia may sharply hike prices of crude for Asia in April, trade sources said on Wednesday, with differentials for most grades hitting all-time highs as global supplies tighten over financing and shipping issues from sanctions on Russia.
The official selling price (OSP) for Saudi’s flagship Arab Light crude may rise to a record of $4.50 a barrel, up $1.70, three of five refining sources told Reuters in a survey.
Another two respondents said the OSP could rise by $1.50 and $2.20 a barrel.
The sharp price hikes are tracking strong gains in Middle East benchmark Dubai last month which reached record levels as buyers faced limited options amid tight supplies.
